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(Seoul=NSPNEWS) = Yuhan Corp. signed a shareholder agreement with ProGen, a multi-target antibody-based platform technology company, to become their majority shareholder.

The largest Korean pharmaceutical company invested 30 billion won to buy ProGen's old and new shares and be the only majority shareholder with 38.9% of the share. It plans to finish the merger before early May through merger filing.

The two pharmaceuticals agreed to develop new-generation innovative new drug candidates, including multi-target antibodies, and expand Yuhan's next-generation open innovation strategy toward the global market.

By Hyun-jin Kim(kimhj30310@nspna.com) and Bok-hyun Lee(bhlee2016@nspna.com)

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